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Default Radiant Barrier insulation

Hello,
Has anyone tried Radiant Barrier insulation around the hot water tank?
In looking around the house, I noticed the current fiberglass jacket
has some gaps and appears to not quite fit the unit (it was installed
by previous owners). Would a radiant foil barrier be worth the effort
as a replacement (from what I've seen, probably about $40 or so).
Thank you,
Dave